Results 1 to 19 of 19
-
08-31-2021, 10:25 AM #1
- Join Date
- Apr 2021
- Posts
- 92
First MCA Deal Ever
Who remembers the first MCA deal they ever closed? Was it a mess you used as a learning experience or did the deal end up being a great client? I bet some of us have some pretty entertaining stories
-
08-31-2021, 10:57 AM #2
- Join Date
- Mar 2021
- Posts
- 185
I Chased him for his statements for about 3 weeks. Finally got him 25K approval.. diff lender agreed to 30K funded it with them.... funded him 14 times over the past two years..(bless the lord) last deal two weeks ago for 250K.
-
08-31-2021, 11:21 AM #3
- Join Date
- Feb 2017
- Posts
- 3,395
My first deal? I was new to the industry entirely. We had an app and banks from a small restaurant in Texas. We had the lead from some outsourced cold calling group in Honduras, and the client only spoke Spanish. My ex-partner was running the submission show, I knew nothing, and he only ran things through Yellowstone. We had a $5,000 approval from Yellowstone (via Robert Wagner) paying 7 points (or something, commissions were $350). We needed the COJ notarized. The owner was Mexican and didn't speak English. We could talk to her daughter who spoke English, but it was through the agent, and the daughter wasn't so involved in the business. To get it notarized was a challenge, so I figured we'd use notarize.com (in its MCA infancy) and find a Spanish rep. I offered that we pay for it. It wasn't done properly. So we did it again at notarycam.com. This time it was actually was done correctly and when we sent it in to Robert, Yellowstone's lawyers told us, "A digital notary is no good, use a real notary." So we explained to the daughter, through the Honduras reps, to go to the bank, which she did.
Commission were $350. We paid $50 to the notaries. $162.50 to the agent (50-50), so we were left with $162.50. I took 1/3 and my partner took 2/3. $54.16 was my profit on that. Didn't know how to stay in touch to renew, didn't have a relationship because she we don't speak Spanish. It was just a disaster. Good thing I don't have a partner anymore and I can feel comfortable paying out like that. Wow.
-
08-31-2021, 11:58 AM #4
- Join Date
- Jun 2017
- Posts
- 2,049
Pizza shop in Mass.
-
08-31-2021, 12:21 PM #5
- Join Date
- Nov 2018
- Location
- Miami
- Posts
- 116
Bodyshop out in FL 40k COJ Deal ah the good old days.
-
08-31-2021, 12:28 PM #6
- Join Date
- Apr 2021
- Posts
- 121
miller roofing with LCF
default out the gate lol
-
08-31-2021, 12:42 PM #7
First was a $200k to an intrastate trucking company in CA. This was maybe 6-7 years ago now - have done a total of 15-16 deals for him so far. Most of the deals were MCAs but a couple of truck/trailer deals sprinkled in there. He was my golden goose for a while but he's grown out of MCAs. I think the largest deal I funded for him was $350k.
We are still great friends and I hit him up every couple of months. He locating some trucks now that he wants to finance by end of year.
-
08-31-2021, 12:59 PM #8
- Join Date
- Aug 2021
- Location
- Brooklyn, NY
- Posts
- 12
General contractor in Texas: First deal funded 150k, funded merchant a total of $800k. Great merchant, it was tough to get him in and keep him : but sometimes it's like that! Good luck to everyone. I didn't close a deal for my entire first month but once it happened, it kept on happening! May everyone have a strong September! And, to all new brokers, STAY AFTER IT!
-
08-31-2021, 02:27 PM #9
- Join Date
- Nov 2018
- Posts
- 30
I had an exclusive merchant that nobody was able to close. His name was G.ry M.rsh and I funded him 75k. Guy was a perfect payer just couldn't get him to renew 😞
-
08-31-2021, 02:28 PM #10
- Join Date
- Feb 2017
- Posts
- 3,395
Did you fund Gary with IOU, Loanme, Fundbox or UFS? Those are what he's had in the recent past. Unless you were the first one who got him the Bizfi?
-
08-31-2021, 02:30 PM #11
- Join Date
- Nov 2018
- Posts
- 30
-
08-31-2021, 02:37 PM #12
- Join Date
- Jul 2021
- Posts
- 19
-
08-31-2021, 02:40 PM #13
- Join Date
- Jun 2015
- Posts
- 3,318
first deal i did was a limo guy with sub 500 credit on a split deal back in 07 for $2500. The deal after signed docs took over a week because i kept screwing up with the switch of processor ,lockbox etc . I also screwed up and sold it at 0% cm (the buy rate) the funder felt bad and gave me 3% cm after house split i made less than that day lunch bill . Did wind up moving him and than renewing him 10-12 times over 4 years in till he went out of business . (last funding was like 15k)
-
08-31-2021, 03:51 PM #14
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 472
2015... Mustve been like end of February because we opened in Dec 15 2014 and I was working 8-10 hour days, being mentored by Peter Finn (was the 1st person to really spit game to me, other than Jay Avigdor who was the 1st person I EVER spoke to about an MCA... he was working at Pearl at the time.)... I learned a ton from listening to Peter. Took me forever to get paper. Then took me forever to pitch the offer... get past rebuttals... and get a merchant funded. My first deal was a 35k Rapid Advance deal 10 months... mustve been a 1.30 or something... I can't (and don't care to remember) about the commissions... but I remember the feeling. I remember the feeling of helping a business owner get funded. It felt good.
-
08-31-2021, 06:08 PM #15
- Join Date
- Dec 2015
- Posts
- 601
-
09-02-2021, 11:55 AM #16
- Join Date
- Feb 2014
- Location
- Florida
- Posts
- 261
2007 I was an Equipment Leasing Officer with a firm Birmingham, AL. Had a Mexican restaurant in need of equipment.. but we were pretty strict on personal credit.. his was sub 600, so it was declined. Didn't really know how to help the guy, but then I ended up referring it this older gentleman that used to bring us crazy off the wall deals. He had mentioned this MCA program that he had access to, to provide capital to restaurants (AdvanceMe). So, I referred the deal to him (with really no expectations) and a week later he brought me half the commission of $3K. Needless to say, I was hooked after that. I continued with the leasing company until the big economic crash in '08 (got laid off). Decided I could do this MCA thing. So I hooked up with OnDeck and AdvanceMe/CAN and so many more.. was able to get a ton of my leasing clients funded.
-
09-06-2021, 11:30 AM #17
- Join Date
- Jan 2017
- Posts
- 65
2015- Pound Ridge Painting - 7k at 1.499 for 75 days - defaulted in 10 days lol
FASTFWD...
2021- 65M+ in total funding since 10/2016..
This industry will take you on a roller coaster ride to the financial heavens, just make sure your ready to die for your deals!!!
-
09-10-2021, 09:45 AM #18
- Join Date
- Jul 2018
- Posts
- 58
2017
I heard ucc leads are the best way to start so we bought like 20K leads
After a week of trying to get banks from people we found an electric contractor
We funded him 300K paying 5 points with KCG (back when it was Kings Cash Group)
Defaulted two weeks later
-
09-10-2021, 10:03 AM #19
- Join Date
- Feb 2018
- Posts
- 1,349
a deal with advanceme, before they were can capital, on a cc split funding only option era. $50k deal. before the daily/weekly ach boom
Similar Threads
-
Seeking CA license broker - IOU deal - 100k deal
By Zonefund in forum Merchant Cash AdvanceReplies: 2Last Post: 05-19-2020, 04:00 PM -
$500,000+ Needed for Large Manufacturing Plant -- Asset-Based Deal **Tough Deal***
By Fundyman in forum Deal BinReplies: 6Last Post: 04-18-2017, 02:20 PM -
need a home for your deal or you need a deal funded paying 18% commission to all new
By lucrativefundinggroup in forum PromotionsReplies: 9Last Post: 04-12-2017, 12:27 PM -
Tough Deal or No Deal? Need 3rd position Commercial loan
By Fundyman in forum All Other LendingReplies: 6Last Post: 07-01-2015, 12:58 PM